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Tremors

Did you feel a little tremor when three of four major areas in the Vancouver exhibited median prices on the decline?

Train Wreck

You can’t turn a page in the local and national rags without seeing another flashy story about some property that sold for an unprecedented price. The reporting is the same when it’s a train wreck – it is all about the hype. It is incredible!

Hypeable

There are a thousand reasons why a train goes off the tracks and another thousand why it should not have. Sadly when Vancouver real estate does fall off the tracks which presently doesn’t seem to be the case, will the reporting hype be different?

I wonder, can we expect less drama where the local rag’s headline simply states: – “The train was travelling at an excessive speed.” Much less hype and like the median price drop, not much of a tremor!

2015

Vancouver West

Vancouver East

West Vancouver

North Vancouver

February

$2,581,500

$1,098,000

$2,367,500

$1,278,750

March

$2,718,000

$1,137,500

$2,300,000

$1,290,000

April

$2,650,000

$1,114,500

$2,400,000

$1,262,944

Vancouver Median Price

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust
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Hello Larry,
Care to give us some details on what you mean when you say that things are already interesting?!
My interpretation of James’ comment is that he is expecting that the spike in bond market yield will usher in higher interest rates and lower prices… I hope I understand it correctly.
Are you saying that you think your graph above already shows median prices rolling over and you expect this to be the start of a correction? I’d be very interested in a detailed comment from you regarding your expectations. Thanks a lot.

@Mike
re: Interesting. You don’t have to look far to see a residential market that seems a little out of control. For the past few years the market has followed this path. However, this spring it appears to have reached a new level of ‘fever’ which to a large extent has resulted from the lack of inventory. James may be on to something or like the lack of inventory amongst other influences, there may be an alternate explanation. I don’t know for certain.
What I do know is that I’m hearing about flipping – words that haven’t been heard in a long while. I won’t point to specifics but coffee conversations with my contemporaries in the business are highlighted by this issue and it is worrisome.
As for the graph it is quite unusual to have three distinct areas across the city dip at the same time. The significance is that the ‘dip’ is not occurring in isolation. It is by no measure a trend but perhaps more a psychological shift in buyer’s perspective of value.